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From the term bitcoin we can know what it is (Bit-binary digits).Bitcoins are digital currencies operated under certain cryptography protocol.So we can also term it as cryptocurrency,which enables instant transaction to anyone and safer than any current transaction methods.
Satoshi Nakamoto began working on the Bitcoin concept in 2007. While he is on record as living in Japan, it is speculated that Nakamoto may be a collective pseudonym for more than one person.
The original bitcoin software by Satoshi Nakamoto was released under MIT license,which means Bitcoin is a open-source platform.
visit historyofbitcoin to view the timeline of bitcoin,it’s really amazing,please do visit.
Bitcoin uses p2p (peer-to-peer) technology and operates under no central authority. i.e there is not an owner or control center for bitcoin.
Each and every transactions made were carried out via collective network. And bitcoin works without any third-party support like banks and government organizations.
Bitcoin transactions are irreversible,but works faster.
Transactions processes with the help of public key and private key,where these both keys plays a vital role in bitcoin transactions.
a private key should be always secret at all times.
public key is a derived from private key and can be share with the public or world whereas private key is not to be shared.Being a derivate of private key,public key cannot be used to access the information of private key(cryptography plays here).
Data encrypted within the private key can only decrypted using corresponding public key and vice versa.
The cryptocurrencies work under blockchain system.A blockchain is a public ledger of all bitcoin transactions.Which is used to maintain a continuously growing records ,called blocks.Each block contains a time stamp and a link to previous block.
visit blockchain.info to view the recent transactions of bitcoin made by anyone in the world.
Talking about legality or acceptance of bitcoin,some countries banned them,some countries declared as legal but they don’t accept them and some countries declared as legal and accepting them (bitcoins).
They were listed as,
COUNTRIES BANNED BITCOIN
COUNTRIES ACCEPTING BITCOIN LEGALLY
COUNTRIES WHERE BITCOIN IS LEGAL BUT NOT ACCEPTING
25 Big-Name Sites That Accept Bitcoin
- WordPress.com – An online publishing site
- Overstock.com – Online store selling high ticket items
- Subway – International restaurant
- Microsoft – Xbox and Windows stores
- Reddit – Social sharing site where you can gift “Gold” status with bitcoins
- Virgin Galactic – Richard Branson company that sells phones and airline services
- OkCupid – Online dating site
- CheapAir.com – Travel booking site for airline tickets, car rentals, hotels
- Expedia.com – Online travel booking agency
- Newegg.com – Online electronics retailer now uses Bitpay to accept bitcoin as payment
- Dell – Multinational computer technology company
- Wikipedia – A free, online encyclopedia
- Steam – Desktop gaming platform with VR capabilities
- The Pirate Bay – BitTorrent directory
- Zynga – Mobile gaming provider
- 4Chan.org – “Pass” can be purchased to support this image based bulletin board site
- Whole Foods – Organic food store purchases can be made with gift card from Gyft
- Mint.com – Budget and financial assistance app
- Bloomberg.com – Online newspaper
- Etsy Vendors (93) – Site hosting original creations by artists
- Fight for the Future – Leading organization fighting for Internet democratization
- Dish Network – An American direct-broadcast satellite service provider
- The Libertarian Party – United States political party
- Louisiana State Republican Party – First State Republican Party to accept bitcoin donations
- Lionsgate Films – International Film production studio
Adding up something,bitcoins were mostly used in dark web (black or dark market) to purchase illegal items or products.Bitcoin is used there because it is untraceable and difficult to locate where it is from.
To get bitcoin for transactions there were many ways one of them is mining,There were many sources available for mining.Either one can set up their own miner or use cloud miner (pay for the plans).
And another way is there were many platforms,which provides exchange for paper money into bitcoins.
watch the video below to know how it could be mined,
one can mine bitcoin in home itself,with the help of a mobile or a computer.By using normal pc we can mine least amount of bitcoin with the help of third-party miners (called as pools).For eg minergate ,computta and many more.Mining means solving such complex mathematical hashes.One can mine faster with the help of high performance computers GPU
This is how a bitcoin miner look like
|Advantages of bitcoin
|Disadvantages of bitcoin
Portray your views about bitcoin if any important things missed or if any edits to be done comment them.Comment your queries.
- advantages and disadvantages-http://cs.stanford.edu
- history of bitcoin-http://historyofbitcoin.org/